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FxGrow Broker Review 2024

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FxGrow Broker Review 2024
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Investing and trading in financial markets such as the stock exchange, forex, digital currencies in the form of spot or with leverage face a high inherent risk. According to the statistics of all exchanges and brokers, more than 75% of people lose!

Overview
Company:FxGrow
Founded:Cyprus
Min Deposit:100
Max Leverage:300
Headquarter:Cyprus
US Accepted:
About
FXGrow is a versatile broker offering various account types, including ECN, ECN Plus, ECN VIP, and demo accounts. Regulated by multiple authorities such as CySec and BaFin, it provides a secure trading environment. Clients can trade in PLN, USD, and EUR, with a minimum deposit of $100 and leverage of up to 1:300.
Contact
Arc. Makariou C 59 Steratzias Court Block A , Office 14, 4003 Limassol, Cyprus
Rank and Score
Pros and Cons
Account Types
Platforms
Pros
Top-tier regulation
Wide rage of assets
Cons
Limited trading platforms
Limited account base currencies

Finding a trustworthy broker can be daunting. Enter FxGrow, a Cyprus-based forex and CFD broker, has been making waves in the industry since 2008. With its robust regulatory framework (CySec), diverse trading instruments (FX, Crypto, etc.), and cutting-edge technology, FxGrow broker has positioned itself as a go-to choice for traders of all levels. But does it live up to the hype? Let's explore this FxGrow review and see what sets it apart in the competitive forex landscape.

FxGrow Review
Explore the Key Features and Insights of FXGrow: An In-Depth Review

FxGrow Company Information & Regulation Status

FX Grow, established in 2008, has become a formidable forex and CFD trading player. about this broker:

  • Regulated by CySEC (Cyprus Securities and Exchange Commission) under license number 214/13;
  • Clients over 100 countries;
  • Known for deep liquidity, fast execution, and transparency;
  • Awarded for best execution and liquidity.

FxGrow's CySEC regulation ensures that it adheres to strict financial standards, providing traders with a secure and transparent trading environment. This regulatory oversight is crucial in establishing trust and credibility in the forex industry.

These regulations also reflect FX Grow's compliance with various financial supervisory authorities across multiple European countries:

  • European Union: Governed by MiFID (Markets in Financial Instruments Directive);
  • Spain: CNMV (La ComisiĆ³n Nacional del Mercado de Valores), Ref. 3755;
  • Hungary: MNB (Magyar Nemzeti Bank), Ref. K8800582;
  • Norway: FINANSTILSYNET (Financial Supervisory Authority of Norway), Ref. NCB 342;
  • France: ACPR (Banque de France Eurosysteme), License 74965;
  • Poland: KNF (Polish Financial Supervision Authority), Ref. 2590060;
  • Germany: BaFin (Bundesanstalt fur Finanzdienstleistungsaufsicht), Ref. WA37-K 5000-138982-2014/0001;
  • Sweden: FI (Finansinspektionen), Ref. 14-10518;
  • Greece: HCMC (Hellenic Capital Market Commission), Ref. 2703.

FxGrow Broker Summary of Specifics

Here's a quick overview of FX Grow's key features:

Broker

FxGrow

Account Types

ECN, ECN Plus, ECN VIP, Demo

Regulating Authorities

CySec, MiFID, CNMV, MNB, FINANSTILSYNET, ACPR, KNF, BaFin, FI, HCMC

Based Currencies

PLN, USD, EUR

Minimum Deposit

$100

Deposit/ Withdrawal Methods

Visa, Mastercard, Skrill, Neteller, Bank Wire

Minimum Order

0.01

Maximum Leverage

1:300

Investment Options

No

Trading Platforms & Apps

MetaTrader 5

Markets

Forex, Indices & Commodities, Metals & Energies Symbols, CFDs on Futures, Cryptocurrencies

Spread

From 0.00001 pips

Commission

$8 for FX

Orders Execution

Market

Margin Call/Stop Out

50%/50%

Trading Features

Copy Trading

Affiliate Program

YES

Bonus & Promotions

NO

Islamic Account

YES

PAMM Account

No

Customer Support Ways

Email, Phone call, live chat, call Back

Customer Support Hours

24/5

Types of Accounts

FX Grow broker offers various account categories:

Account type

Min. Deposit

Max. Leverage

ECN

$100

1:200

ECN Plus

$1,000

1:200

ECN VIP

$10,000

1:300

The demo account is an excellent tool for beginner traders looking to get their feet wet and experienced traders wanting to test new strategies without risking natural capital.

FxGrow Account Types
FxGrow Account Types include ECN, ECN Plus, ECN VIP

Signing Up & Verification Guide

Getting started with FX Grow is a straightforward process. Here's a step-by-step guide:

  1. Visit the FX Grow website and click on "Register";
  2. Fill in the registration form with personal details (Full name, Email, Country, Phone number);
  3. Verify your phone number by the SMS sent to you;
  4. Submit your application;
  5. Upload proof of identity (passport, national ID, or driver's license);
  6. Provide proof of residence (utility bill or bank statement).

Remember, thorough verification is a hallmark of regulated brokers and helps ensure a secure trading environment for all clients.

Trading Platforms

FX Grow offers the powerful MetaTrader 5 (MT5) platform, renowned for its advanced features and user-friendly interface. Here's what you can expect:

  • Desktop version;
  • Web platform;
  • Mobile app.

While FxGrow doesn't offer a proprietary platform, MT5's comprehensive feature set and widespread popularity make it a solid choice for traders of all levels.

Spreads and Commissions

FX Grow offers competitive pricing across its account types:

Account

Spreads from

FX commission

ECN

1.2 pips

N/A

ECN-Plus

0.1 pips

YES

ECN-VIP

0.00001 pips

$8

FxGrow's pricing structure is transparent and competitive, especially for the ECN-Plus and ECN-VIP accounts. However, traders should always consider the total cost of trading, including spreads and commissions, when comparing brokers.

Deposit & Withdrawal Methods

FX Grow offers a variety of payment methods to suit different trader preferences:

Category

Payment

Minimum

Processing

Deposit

Visa

Mastercard

Skrill

Neteller

Bank Wire

$1 ($100 Bank Wire)

Instant (2-5 days for Bank Wire)

Withdrawal

Visa

Mastercard

Skrill

Neteller

Bank Wire

$10 ($100 Bank Wire)

Instant (2-5 days for Bank Wire)

Copy Trading & Investment Options

FX Grow offers a copy trading feature, allowing traders to replicate the strategies of successful traders:

  • Mirror the strategies of top-performing traders for potential success;
  • Enjoy a hands-off trading experience with automated execution of trades;
  • Remove emotional influence from trading decisions for more consistent results;
  • Benefit from expert insights without needing to actively manage trades;
  • Improve the chances of profitable trades with minimal manual intervention.
Copy Trading on FXGrow
FXGrow allows copy trading as its competitive trading option

However, it's important to note that FxGrow does not offer PAMM (Percentage Allocation Management Module) accounts. While copy trading can be an attractive option for many, it's crucial to approach it cautiously and as part of a broader trading strategy.

Bonus offerings and Promotions

FX Grow broker offers a comprehensive partnership program aimed at helping affiliates achieve significant earnings while supporting their audienceā€™s trading decisions. Key features include:

  • Rebate Earnings (up to $25 per lot);
  • Daily Rebate Payouts;
  • Personal Account Manager;
  • Advanced IB Portal;
  • Promotional Materials and Resources;
  • No Cap on Commissions;
  • Multi-Tiered Reward Structure;
  • 24/5 Support Team;
  • Instant Performance Reporting.

FxGrow Broker Support Team

FX Grow offers multi-channel support to assist traders:

  • Email Support: support@fxgrow.com;
  • Phone Support: +357-25-211707;
  • Callback Service;
  • Live Chat.

FxGrow's support team is known for its responsiveness and expertise, and available Monday-Friday 24 hours. The availability of various contact methods ensures that traders can get help when needed, which is crucial in the world of forex trading.

Trust Scores & Reviews

FX Grow has garnered mixed reviews from the trading community:

  • Trustpilot Score:8 out of 5 (based on user reviews);
  • Awarded "Most Transparent Broker of the Year 2021".

Here is what we found on the Trustpilot website:

Positive Aspects

Negative Points

efficient withdrawals

Fraud suspicion (less likely)

quick customer support

-

Competitive trading conditions

-

Itā€™s nothing to mention that the number of reviews is limited to 2; So, with that being said, it cannot be a reliable sources of judgment. It's essential to approach online reviews critically, as individual experiences vary greatly.

Conclusion and final words

FX Grow is a solid choice for traders seeking a regulated, transparent broker with competitive trading conditions. Its CySEC regulation, a diverse range of tradable instruments (FX, Crypto, Indices, etc.), and advanced MT5 platform are definite strengths. The FXGrow broker's focus on ECN trading and tight spreads will appeal to many traders, especially those looking for a professional trading environment.

However, potential clients should weigh the pros and cons carefully. Write with your thoughts on the FXGrow review in the comments.

FAQs

Is FXGrow regulated?

Yes, the broker is regulated by CySEC (license no. 214/13).

What is the minimum deposit for FXGrow?

The Min. Deposit is $100 for the ECN account.

Does FXGrow offer MT4?

No, the broker only offers MT5, which is an advanced version of MT4.

Can I use Expert Advisors (EAs) with FXGrow?

Yes, MT5 on the broker supports the use of Expert Advisors.

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